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Leasing and Underwriter wants Bank Statments
Hi All,
Would really appreciate some advice on this.
Recently started out as a freelance graphic designer and in the process of applying to lease a new computer.
I have had a request for 2 months bank statements from the leasing company's underwriter and am concerned that on paper my finances don't look good! As I am jut starting out I have had to borrow cash from friends and family to tide me over until invoices from clients have been paid.
As I am already in this process would it affect my credit score if I refused to supply statements until a time when my finances are more consistent?
Thanks in advance,
Martin.
Would really appreciate some advice on this.
Recently started out as a freelance graphic designer and in the process of applying to lease a new computer.
I have had a request for 2 months bank statements from the leasing company's underwriter and am concerned that on paper my finances don't look good! As I am jut starting out I have had to borrow cash from friends and family to tide me over until invoices from clients have been paid.
As I am already in this process would it affect my credit score if I refused to supply statements until a time when my finances are more consistent?
Thanks in advance,
Martin.
0
Comments
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You don't have a credit score.
It will just show as a search on your credit files. On its own, that won't concern most lenders.0 -
Thanks so much for the super speedy response!
Might I ask, do you think from the description of my statements that I'd be successful in the application?0 -
If your statements are showing you have affordability issues, then possibly not.
I assume they have concerns re your income/debt ratio to have asked for them.0 -
Last question (I promise)... You're saying this still won't affect my credit rating? Thanks so much for your time!0
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You still don't have a credit rating. That's a made up, fake, pretend, not real number that the CRA gives you.
It can go up, down, or fly out to Russia in a desperate attempt to get last minute match tickets for all it matters. It is not, as the millennials say, a 'thing'.
What you have is credit history - with three CRAs.0 -
For all "new start" businesses (trading under 2 years), underwriters will almost always request business bank statements to show affordability0
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Thanks both. I got the lease, so panic over! Thanks for your help and have a great weekend!0
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